I had to reduce my work hours to act as a natural caregiver for a family member. Can I redeem part of my RRSP+?

Yes. You can redeem part of your RRSP+ to compensate for a decrease in your net family income if you or your spouse must act as a natural caregiver for a family member.

If you have reduced your work hours to act as a natural caregiver for a parent who is at least 70 years of age, or a person who is at least 18 years of age and who has a severe mental or physical disability, you may be able to draw on part of the savings in your RRSP+.

Requirements:

The shareholder must show a decrease in net family income because the shareholder or their spouse acts as a natural caregiver for a family member

AND

must show that the person cared for

is at least 70 years of age and resides at the same address as the shareholder

OR

is at least 18 years of age and has a serious mental and/or physical handicap

AND

must show that the decrease in net family income is attributable to the need to act as natural caregiver

AND

must show that net family income has decreased by 20% or more for a minimum period of two consecutive months

AND

must have liquidated all redeemable family investments (including any other RRSP), the purchase of the shares being the last resort.

AND

For subsequent requests, the shareholder must show that the involuntary decrease still exists and that net family income has decreased by 20% or more for a new minimum period of two consecutive months.

Documents required:

The Fonds de solidarité FTQ form which includes a section entitled “Shareholder’s Solemn Declaration” stating that the shareholder or their spouse must act as a natural caregiver for a family member

AND

proof that the person cared for is at least 70 years of age and resides at the same address as the shareholder

OR

proof that the person cared for is at least 18 years of age and proof from the attending physician that the person cared for has a serious mental and/or physical handicap

AND

written confirmation that the decrease in family income is attributable to the need to act as natural caregiver

AND

proof of all family income for a full month prior to the decrease in income

AND

recent proof of all net family income for the period of decrease in income for two full consecutive months

AND

proof that all redeemable family investments have been liquidated or cannot be redeemed.

Eligible shares:

All shares held for at least two years.

Subsequent share acquisition:

One year after purchase by the Fonds de solidarité FTQ.

Disbursement terms and conditions:

A single payment equal to the value of the eligible shares. This criterion can only be invoked once by the shareholder within a 5-year interval from the disbursement date.

Do you have a more questions?

Our agents will be pleased to answer any questions you may have at:

1 800 567-3663
Legal Notes

Please read the prospectus before buying Fonds de solidarité FTQ shares. Copies of the prospectus may be obtained on the fondsftq.com website, from a local representative or at the offices of the Fonds de solidarité FTQ. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.
Prospectus En ( 883 Kb )